I suspect that the listing agent of a REO property is not submitting offers to the bank in hopes of double ending the deal. I have no proof however, I have submitted various offers 3 times on this property over the past month and have never gotten a counter offer. The listing agent and his assistant just say they haven't heard from the bank yet. During this 30 days the price dropped significantly. We submitted an offer only a few thousand off the list price and still nothing. I had a friend call to pretend to be a buyer and the LA said the proprty was available and the bank was very negotiable.
I actually tried calling the bank directly but that was a dead end. In fact, one bank representative actually said that it sounded like the only way my buyers would be able to get the property is if they decided to drop me and submit an offer through the LA!